Steve Madden expands apparel offerings with latest acquisition
Steve Madden is on a buying spree.
Steve Madden said Tuesday that it has acquired BB Dakota, a California-based, on-trend women's apparel company, whose portfolio includes owned brands BB Dakota and Jack by BB Dakota and licensed brand Cupcakes and Cashmere. The acquisition comes the day after Steve Madden announced that it had purchased online sneaker upstart Greats. https://www.chainstoreage.com/technology/steve-madden-acquires-direct-to-consumer-sneaker-upstart/
The financial terms of the deal were not revealed. BB Dakota, whose products are sold by department stores, e-commerce retailers and specialty shops as well as on its web site, had net sales in the 12 months ended June 30, 2019 of approximately $43 million.
“With its laser focus on product and strong track record of execution, we believe BB Dakota is a great fit for Steve Madden and provides the ideal platform to expand our brands in the apparel category,” said Edward Rosenfeld, chairman and CEO, Steve Madden, which operates 224 stores and whose wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. It also licenses certain of its brands to third parties.
Gloria Brandes, founder and CEO of BB Dakota, said that Steve Madden and BB Dakota have a unique synergy “in that they are both product-driven companies whose brands have maintained a long-standing appeal with the consumer due to superior product and accessible pricing.”
“We are tremendously excited by this dynamic partnership that will serve to jump-start the Steve Madden apparel segment of this strong company and we plan to take full advantage of this opportunity for growth,” said Madden.